Security interest register

The register of security interests contains filings on liens, factoring contracts, finance lease, retention of title. The IT system (security interest system) designed to make electronic filing statements on security interests, to maintain these data and enable their inspection is operated by the Hungarian Chamber of Civil Law Notaries. Security interest filing statements may only be made by registered account holders on both sides, thus either obligors or obligees must be registered users to this effect.

Registration may be threefold:

– online on the security interest platform by electronic signature,

– online on the security interest platform without electronic signature,

– before a notary if the applicant has no electronic signature.

In order to validate the registration the applicant has to turn to a notary to make an identification statement in which such applicant declares that all data submitted in the course of registration were true and accurate. Such identity statement may be made within 15 days of submitting the request for registration.

If an applicant requesting registration intends to act on behalf of a specific person or organisation as a permanent representative, his/her due authorisation must be certified by an authentic instrument or a private document with full probative force at registration. Identification statements may be made before any notary.

At his/her option, the registered user may file a security interest statement in the following modes:

a) if the registered user has a qualified electronic signature he/she may file the statement on the security interest platform by completing a corresponding form and forwarding it to the system on his/her own;

b) before any notary;

c) if the parties so provide the notary incorporating the given pledge agreement, sale by retention of title, factoring contract or finance lease into an authentic instrument will register them into the system;

d) the attorney who countersigned the given pledge agreement, sale by retention of title, factoring contract or finance lease may also be authorised by the parties to register them into the system;

e) a natural person without a permanent representative may authorise an attorney as a registered user to file a security interest statement on his/her behalf.

Any one may have access to and inspect the security interest register through the online platform of the system (https://hbny.mokk.hu). Searches may be carried out primarily by the name of the obligor, the reference number of the entry, or the chassis number of the motor vehicle concerned, and as of 15 March 2015 by five ID data of an asset.

National Register of Pledges, Register of Pledges over Motor Vehicles

On 15 March 2014 a new Civil Code came into force in Hungary, which introduced the Security Interest Register as depicted in detail at point 2.6 above. However, the former registers governed by the previous Civil Code are not terminated, and any related modifications have to be administered therein. The National Register of Pledges (regarding charges on movable assets, and floating charge), as well as the register of pledges over motor vehicles may be inspected by anyone free of charge on the online platform of the Security Interest Register.